News Oil & Gas

Europa Oil & Gas Swung to FY 2022 Pretax Profit on Strong Oil Price; Shares Rise


By Michael Susin

Europa Oil & Gas (Holdings) PLC shares rose on Monday after the group reported a swing to pretax profit in fiscal 2022, driven by robust oil prices and a fourfold revenue increase.

Shares at 0810 GMT were up 0.12 pence, or 10%, at 1.4 pence.

The onshore hydrocarbon production, development and exploration company said pretax profit for the year ended July 31 was of 1.4 million pounds ($1.7 million), compared with a loss of GBP845,000 a year ago.

Revenue jumped to GBP6.6 million from GBP1.4 million in fiscal 2021.

“The company has been very active during this financial year and we are starting to reap the rewards of executing on our strategic vision. We have strong cash flows from our onshore production, further development opportunities at Wressle and Serenity as well as material upside potential with our exploration assets,” the company added.

Write to Michael Susin at michael.susin@wsj.com



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